Hedge fund veteran and former White House Press Secretary Anthony Scaramucci says that Ethereum’s (ETH) biggest rival will play a major part in the “layer-1 blockchain financial revolution.”
In a discussion at the Solana Breakpoint 2024 conference, the SkyBridge Capital founder says there are endless amounts of third parties involved in the securities and finance industry which present unnecessary friction for users.
He says that Solana (SOL) is capable of eliminating the friction, potentially freeing up $7 trillion in capital that can subsequently be put back into the economy and put to good use.
“The problem in the securities industry: it’s not one-third party, it’s actually seven or eight different parties, so if you buy a stock from my account, it’s got to go through seven different entities before it ends up in your account. When I joined the industry 35 years ago, it was trade day plus 5 (T+5). I think we’re down to trade day plus 1 (T+1), but there’s a tremendous amount of friction in the situation.
So once we clarify or are able to unwind our trades, this system is actually a flawless and near-perfect system, and hopefully the tokenization will happen on Solana. and I say that because I own a lot of Solana and I believe it will, I believe it eventually will.
I will leave you with this thought about how important this is. There is $7 trillion spent globally on transaction verification, and the credit card industry, wire transfers, etc. Just imagine if we could start tokenizing things and take third parties out of the equation, use the distributed network to trust each other, and take that $7 trillion and put it back into the economy.”
At time of writing, Solana is trading for $146.04.
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